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Kosmos Energy has successfully completed the re-determination of its reserve based lending credit facility.
The Company's lending syndicate approved a borrowing base capacity of $1.32 billion, a reduction of $130 million from the previous drawn amount of $1.45 billion.
The reduction in borrowing base capacity is primarily the result of lower oil price assumptions from those assumed at the March re-determination, due to the continuing impact of COVID-19. Repayment of the reduction in borrowing base will be made from available liquidity in the fourth quarter.
The RBL is secured against the Company's production assets in Ghana and Equatorial Guinea with the first amortization payment scheduled for March 2022. Kosmos' gas assets in Mauritania and Senegal remain unencumbered.
Following the RBL re-determination, the Company has approximately $0.5 billion of available liquidity as of October 1, 2020.
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